GM, UAW Reach Profit-sharing Deal in New Contract
After seven weeks of intensive negotiation, General Motors Co. and the United Automobile Workers (UAW) has reached an agreement for the $5,000 signing bonus for all the company’s 48,500 employees – as well as the possibility of higher profit sharing.
General Motors Co. (GM) has singed an agreement with the United Automobile Workers (UAW) for a $5,000 signing bonus to the company’s 48,500 workers, and the possibility of higher profit-sharing.
Under the terms of the deal, GM workers will get at least $5,000 signing bonus for a new four-year contract as well as bigger benefits and higher profit-sharing checks from the company.
GM said the deal would also include salary increases for entry-level workers.
The move was part of the company’s commitment to provide workers with better benefits as it recover from bankruptcy.
Aside from workers’ compensation, the biggest US automaker said that it would beef up the development of new products in its plants in Spring Hill Tennessee; Romulus and Warren, Michigan; and Wentzville, Montana.
It was the first contract agreement between GM and UAW since the car company declared bankruptcy protection from the US government in 2009.
The UAW is now pushing for new bargain agreements with other US automakers Ford and Chrysler.